EGX 30 Dives 3.8% In Week As Economic Chaos Weighs

In a week, the Egyptian Exchange has incurred losses of EGP 10.1 billion driven by the country’s economic chaos and market severe volatility besides an initial approval of imposing stamp tax on the daily transactions.

The capital market has hit EGP 348.707 billion at the end of last week, compared to EGP 358.800 billion at the end of a week earlier.

Egypt’s stock exchange benchmark EGX 30 index sank by 3.8% this week, representing a retreat of 198.15 points, ending Thursday’s transactions at 4985.05points compared to 5183.2  points at the end of last week.

EGX30 hit its highest point on Sunday closing at 5098.82 points, where its lowest point reported on Wednesday at 4926.22 points, hitting 4-month low.

Meanwhile, the mid- and small-cap index, the EGX70 pushed down by 3.06% closing at 434.03 points during Thursday’s session, compared to 447.77 points at the end of a week earlier. The price index, EGX100 fell by 3.23% concluding by 724.37 points during Thursday’s session, compared to 748.6 points at the end of a week earlier.

Also in a week, the EGX has recorded a volume of trades hit  408 million securities; while the traded value reached EGP 944 billion.